According to a report by Sports Business Journal Sunday morning, the Big 12 Conference has struck a deal with current broadcast partners ESPN and Fox Sports to renew its media rights deal with the two companies.

CBS Sports’ Dennis Dodd later tweeted that CBS Sports had confirmed SBJ’s report. He added that with College Football Playoff expansion appearing likely, the annual total could be north of $50 million per year for each member school.

This new deal, reported to be six years in length, will be worth a total of $2.28B. It has an average annual value of $380M, according to the Sports Business Journal report.

The Big 12 Conference has not yet announced the deal.

This new agreement, which won’t go into effect until the start of the 2025-26 season, will see the conference earning $160M a year more on average than it will in the final year of the current deal.

It’s a big win for athletic departments in the Big 12, who count on the funding from the league’s multimedia package to operate at their highest potential.

“If you look at media rights deals and the conference distributions, in addition to our own tickets sales and different things we have here on campus, fundraising and so on, that media rights deal makes up a huge chunk of our operating budget on a year-in and year-out process,” WVU director of athletics Shane Lyons said on The Neal Brown Show in August.

New Big 12 Commissioner Brett Yormark made known that landing a new media rights deal was high on his priority list even before he took over as league commissioner at the beginning of August.

“One thing is crystal clear: there is no higher priority than to best position the Big 12 for its upcoming multimedia rights negotiations,” Yormark said at Big 12 Media Days in July. “Everything we do must create momentum for these negotiations, as well as build the value for the Big 12 brand and business.”

Yormark accomplished his goal in less than three months, and did so well ahead of the league’s exclusive negotiating window with ESPN and Fox Sports.

This new rights deal won’t go into effect until the fall of 2025, meaning that Oklahoma and Texas, who are slated to leave the Big 12 no later than the spring of that year, will not benefit from the increased TV revenue to the league.

Newcomers BYU, Cincinnati, Houston, and UCF, who are all set to join the league in 2023, will help return the conference to a 12-member league, following the exit of the Longhorns and Sooners.

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A new media rights deal this far in advance of the current contract expiring is expected to maintain stability for the conference. This shorter deal also ensures that the Big 12 can strike a new deal again before the SEC (2034) or the ACC (2036) have their current deals with ESPN expire.

It also means that the Big 12 was able to beat the Pac-12 to the proverbial finishing line at the negotiating table with the networks. The Pac-12 Conference’s current media rights deal expires in 2024.

According to Sports Business Journal’s report, this deal includes ESPN securing the rights to the Big 12 football championship game and the basketball tournament championship game. Fox Sports’ side of the deal is also said to include a selection of Big 12 college basketball games on Fox Sports and FS1 for the first time.